LIC Housing Finance (LICHF) reported 1Q19 earnings of INR 5.68bn, up 18% YoY on IndAS basis. Key highlights i) Disbursement grew by 10% YoY while Loan book grew 15% YoY supported by non-core segments - LAP (42% YoY) and developer segment (50% YoY) while individual segment remained muted 9% YoY. Proportion of non-core segments has now increased to 21% vs. 16.7% YoY. ii) There was some pressure on asset quality as GNPL ratio (Stage 3) increased 48bps YoY/42bps QoQ to 1.2% while coverage ratio declined to 25% (vs 48% in 1Q18 and 52% in 4Q18). iii) Pressure on spreads continued as calculated spreads declined to 1.31% (vs. 1.50% in 4Q18 and 1.48% in 1Q18). Company has increased its...